MARKETING-STRATEGY.pptVIP

MARKETING STRATEGY Agenda Review of Hierarchy of Objectives Common Elements of Objectives The Process of Marketing Strategy Development BIO-BREAK The Evaluation of Opportunities Target Market Selection The Structure of Marketing Mix Strategies BIO-BREAK Generic Marketing Strategies Product Strategies Market Position Strategies Marketing Strategy Hierarchy of goals and objectives Organizational Goals and Objectives Marketing Goals and Objectives Marketing Mix Goals and Objectives Marketing Mix Element Goals and Objectives Marketing Strategy What business are you in? Mission statement Statement of marketing strategy Indicates product, market scope Shows growth factor Shows differential advantage Shows management orientation Marketing Strategy Elements of Objectives An effect Benchmark + effect = Desired Outcome Effect has to be measureable Should be realistic Timeframe for evaluation Evaluation and effect should be related Marketing Strategy Marketing Strategy Development Recognize and evaluate an opportunity Market size and potential Key competitors Choose target market Develop Objectives for each opportunity Develop Marketing Mix Strategy for each opportunity Choose Marketing mix elements Marketing Strategy Opportunity Evaluation Review of the Rule of 3 Review of Requirements for Market Size Review of Relevant Competitive Set Marketing Strategy Target Market Selection Introduction to Market Segmentation Review of the Strategic Options Equivalent Behaviors as the Critical Variable Marketing Strategy Structure of Marketing Mix Strategies Are all Mix elements equally important? Product as the key Example using Product Life Cycle Marketing Strategy Generic Marketing Strategies Cost Leadership Lower costs of production and distribution Product Differentiation Unique product or brand Focus Focus on customer needs in a few segments Marketing Strategy Product Strategies Product Mix Strategies Market penetration versus market skimming Quality